BRPRorate Offices FII (BSP:BROF11) Beneish M-Score: -1.13 (As of Aug. 24, 2026)

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BSP:BROF11 BRPR Corporate Offices FII BSP:BROF11
37 GF Score
Price R$58.30
! 8 Warning Signs
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What is BRPRorate Offices FII Beneish M-Score?

BRPRorate Offices FII BSP:BROF11 +4.03% 37 Beneish M-Score is -1.13 as of Aug. 24, 2026. GuruFocus rates BSP:BROF11 with a GF Score™ of 37/100. The stock has 8 warning signs investors should review. Among 740 REITs companies, BRPRorate Offices FII ranks worse than 89.32% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score -1.13 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for BRPRorate Offices FII's Beneish M-Score or its related term are showing as below:

BSP:BROF11' s Beneish M-Score Range Over the Past 10 Years
Min: -1.13   Med: -1.13   Max: -1.13
Current: -1.13

During the past 3 years, the highest Beneish M-Score of BRPRorate Offices FII was -1.13. The lowest was -1.13. And the median was -1.13.

BRPRorate Offices FII Beneish M-Score Historical Data

* Premium members only.

The historical data trend for BRPRorate Offices FII's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

BRPRorate Offices FII Beneish M-Score Chart

BRPRorate Offices FII Annual Data
Trend Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -1.13

BRPRorate Offices FII Semi-Annual Data
Jun23 Jun24 Jun25
Beneish M-Score 0.00 0.00 -1.13

BSP:BROF11 vs VICI, WPC: Beneish M-Score Comparison

For the REIT - Diversified subindustry, BRPRorate Offices FII's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

BRPRorate Offices FII Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, BRPRorate Offices FII's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BRPRorate Offices FII's Beneish M-Score falls into.


BSP:BROF11
37GF Score
BRPR Corporate Offices FII BSP:BROF11
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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BRPRorate Offices FII Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of BRPRorate Offices FII for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 2.4166+0.528 * 0.9976+0.404 * 0.9877+0.892 * 1.1+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.558+4.679 * -0.006974-0.327 * 1.2453
=-1.13

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was R$23.5 Mil.
Revenue was R$105.0 Mil.
Gross Profit was R$102.5 Mil.
Total Current Assets was R$31.3 Mil.
Total Assets was R$1,502.4 Mil.
Property, Plant and Equipment(Net PPE) was R$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was R$5.6 Mil.
Total Current Liabilities was R$39.4 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.0 Mil.
Net Income was R$78.9 Mil.
Gross Profit was R$0.0 Mil.
Cash Flow from Operations was R$89.3 Mil.
 Total Receivables was R$8.9 Mil.
Revenue was R$95.5 Mil.
Gross Profit was R$92.9 Mil.
Total Current Assets was R$12.9 Mil.
Total Assets was R$1,485.8 Mil.
Property, Plant and Equipment(Net PPE) was R$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was R$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was R$9.1 Mil.
Total Current Liabilities was R$31.3 Mil.
Long-Term Debt & Capital Lease Obligation was R$0.0 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(23.53 / 105.034) / (8.852 / 95.489)
=0.224023 / 0.092702
=2.4166

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(92.938 / 95.489) / (102.478 / 105.034)
=0.973285 / 0.975665
=0.9976

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (31.308 + 0) / 1502.4) / (1 - (12.875 + 0) / 1485.846)
=0.979161 / 0.991335
=0.9877

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=105.034 / 95.489
=1.1

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(5.574 / 105.034) / (9.082 / 95.489)
=0.053069 / 0.09511
=0.558

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((0 + 39.417) / 1502.4) / ((0 + 31.304) / 1485.846)
=0.026236 / 0.021068
=1.2453

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(78.868 - 0 - 89.345) / 1502.4
=-0.006974

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

BRPRorate Offices FII has a M-score of -1.13 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.13 mean?
BRPRorate Offices FII (BSP:BROF11) has a Beneish M-Score of -1.13 as of Aug. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BRPRorate Offices FII and its competitors. According to the industry distribution chart, BRPRorate Offices FII ranks #661 out of 740 companies in the REITs industry, placing it in the top 89.3%.
Is BRPRorate Offices FII's Beneish M-Score too high?
BRPRorate Offices FII's current Beneish M-Score is -1.13. Based on the distribution chart, BRPRorate Offices FII ranks #661 out of 740 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, BRPRorate Offices FII has a GF Score™ of 37/100, reflecting its overall financial health beyond just this single metric.
How does BRPRorate Offices FII's Beneish M-Score compare to VICI and WPC?
According to the REITs industry distribution chart, BRPRorate Offices FII ranks #661 out of 740 companies for Beneish M-Score. This places BRPRorate Offices FII in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a REITs company?
A good Beneish M-Score depends on the REITs industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BRPRorate Offices FII and its competitors. BRPRorate Offices FII's current Beneish M-Score is -1.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BRPRorate Offices FII stock overvalued right now?
BRPRorate Offices FII (BSP:BROF11) has a current Beneish M-Score of -1.13. The current Beneish M-Score is -1.13. BRPRorate Offices FII's overall GF Score™ is 37/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For BRPRorate Offices FII (BSP:BROF11), the current Beneish M-Score is -1.13 as of Aug. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

BRPRorate Offices FII Business Description

Industry Real EstateREITs
Address Praia de Botafogo, 501, 6th Floor, Parte, Torre Corcovado, Botafogo, Rio de Janeiro, RJ, BRA, 22250040
BRPR Corporate Offices FII is a closed-end fund. The fund is intended for individuals and legal entities residing and domiciled in Brazil, institutional investors, and Investment funds, as well as non-resident investors, subject to applicable regulations (investors in general).
37GF Score

Get the complete analysis for BSP:BROF11

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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